Citizens Financial to price fixed-reset subordinated notes due 2037

By Marisa Wong

Los Angeles, May 18 – Citizens Financial Group, Inc. plans to price fixed-reset subordinated notes due 2037, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will reset in 2032 to a rate equal to the five-year U.S. Treasury rate as of the reset determination date plus a spread.

The notes will be callable at par in whole on the reset date, in whole or in part beginning 180 days prior to the maturity date or in whole within 90 days after a regulatory capital treatment event.

BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Citizens Capital Markets, Inc. are the joint bookrunners.

Bank of New York Mellon is the trustee.

Sullivan & Cromwell LLP is counsel to the issuer, and Cleary Gottlieb Steen & Hamilton LLP is counsel to the underwriters.

Proceeds will be used for general corporate purposes, which may include securities repurchase programs, dividend payments, capital expenditures, working capital, repayment or reduction of long-term and short-term debt, redemption of outstanding long-term debt, short-term debt and preferred equity securities and the financing of acquisitions.

Citizens is a Providence, R.I.-based bank.

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